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Urgent, potential loan shark?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
I stupidly borrowed £3000 off someone on the internet, who wanted me to send off my passport. I didn't and he sent me the money, but he is still asking me for it. I don't want to send the passport and as he has now raised the interest £2000, making it £5000 I can't pay it off in one go!

What should I do/ where should I turn?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Can you pay off the original loan
  • JamesJames Posts: 1,706 Extreme Poster
    Hey Welshgirl,

    It's great that you're looking for advice on this. It sounds like a tricky situation.
    We've got an article about paying off debt that might be informative. One thing it says is:
    Extortionate credit (e.g. loan sharks)

    If you think your credit charges are sky-high you can take the matter to court but your view of what is extortionate may not be the same as the court's. Before taking action, consult your local trading standards department or seek independent legal advice.

    You could also try StepChange. These guys can advise you on debt issues and how to go about paying it off.
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